Business

Fuel Queues To Disappear If Marketers Patronise Us, Says Dangote

Published

2 years ago

October 30, 2024

481 Views

President and Chief Executive of Dangote Group, Aliko Dangote, on Tuesday shed more light on how to end the reoccurring issue of fuel queues in the country.

Dangote, who briefed State House reporters in Abuja, urged the Nigeria National Petroleum Company Limited (NNPCL) and marketers across the country to stop the importation of fuel.

He expressed optimism that his refinery is the solution to the lingering fuel queues across the nation.

“What I estimated as our daily consumption is about 30-32 million litters, that one we can even start producing by next week.

That is not really an issue because as we speak today, we have 500 million litres in our tanks.

With that even if there is no production anywhere or no import, that will take the country more than 12 days,” Dangote said.

“We are very ready, we are more than ready and I am also putting my name on the line that we will be able to supply the market 30 million per day and we are ramping up, so we are ready.

“So I am expecting that the NNPCL and the marketers should stop importing, they should come and collect what they need. I don’t know if you understand what it means to keep half of billion litres in our tanks, it is costing me money.

Every day if I am to collect money I can charge 32 per cent in interest.

That is what I am losing, If they come and collect then you will not see any queue in the filling stations.”

This came barely four weeks after the federal government began implementing a policy to sell crude oil to the Dangote Refinery in naira rather than United States dollars.

The federal government said the move would stabilize fuel prices domestically and strengthen Nigeria’s currency by cutting down on the need for dollars in crude oil transactions.

Business

Naira Exchange Rates Friday, 3 July 2026

Published

2 days ago

July 3, 2026

OCHEFA

35 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1, 397 Sell ₦1,405

GREAT BRITISH POUND (GBP) Buy ₦1,850 Sell: ₦1,865

EURO (EUR) Buy ₦1, 580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,030 Sell ₦1,100

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370

CHINESE YUAN Buy ₦180 Sell ₦200

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 380 Sell ₦2, 460

CENTRAL AFRICAN CFA Buy ₦2, 220 Sell 2,300

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,370.15

GREAT BRITISH POUND (GBP) ₦1,832.17

EURO (EUR) ₦1,568.28

SWISS FRANC (CHF) ₦1,1705.44

JAPANESE YEN (JPN) ₦8. 51

CHINESE YUAN (CNY) ₦201. 80

WEST AFRICAN CFA (XOF) ₦2.38

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,859. 98

SAUDI RIYAL (SAR) ₦364.91

SOUTH AFRICAN RAND (ZAR) ₦84. 32

Business

Issue: Cloning Nigerian Investment Promotion Commission (NIPC)

Published

3 days ago

July 2, 2026

OCHEFA

54 Views

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

The Presidency says a man identified as Prince Adeniyi Adeyemi Matthew allegedly created and operated fake government agencies, forged appointment letters, and falsely claimed to have been appointed by Femi Gbajabiamila.
According to the statement:
The Office of the Chief of Staff discovered the alleged scheme after complaints from the Nigerian Investment Promotion Commission (NIPC) that an unauthorized body was operating in a way that conflicted with its functions.

The Chief of Staff petitioned the Department of State Services and the Nigeria Police Force in October 2025 to investigate alleged forged appointment letters.

The Presidency says the bodies allegedly used by Adeyemi—including the so-called Presidential Economic Advisory Council, Presidential Foreign Investment Promotion Council, and Presidential Foreign Intervention Promotion Council—do not exist as government agencies.

Investigators allege Adeyemi operated from an office in the Federal Secretariat Complex, held meetings with diplomats, and sought diplomatic support to obtain U.S. visas for members of the alleged organization.
Police reportedly recovered forged documents and other exhibits during searches of his office and residence.

The investigation allegedly found that Adeyemi operated 34 bank accounts, including several in the names of fictitious organizations, and used forged documents to open a Central Bank of Nigeria account.

The Presidency says no government funds were paid into that account.
Police charged Adeyemi and two others before the Federal High Court on multiple counts, including forgery, impersonation, and obtaining by false pretence. The case is scheduled for hearing on July 27.

The Presidency also denied claims that Gbajabiamila appointed Adeyemi, stating that appointments to federal offices are issued through the Office of the Secretary to the Government of the Federation, not the Office of the Chief of Staff.

Current status

The Presidency maintains that:
the agencies in question are fictitious,
the appointment letter was forged,
Adeyemi is an impostor,
and the allegations against him should be resolved by the court.

As the case is pending before the court, the allegations remain subject to judicial determination.